China Shifts Majority of Foreign Energy Investments to Renewables for First Time
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📰 The quick summary: China’s overseas investments have shifted dramatically toward renewable energy, with nearly 70% of foreign power investments now going to solar and wind projects rather than fossil fuels, accelerating the global energy transition.
📈 One key stat: 68% of China’s overseas energy finance now goes to green energy projects, marking the first time renewables have surpassed fossil fuels in the country’s foreign investment portfolio.
💬 One key quote: “China’s global energy financing is increasingly aligned with the green transition, but coal may continue to represent a significant part of China’s overseas power portfolio as previously announced projects continue to come online.”
1️⃣ The big picture: For the first time since Beijing began investing in overseas power projects in the early 2000s, China’s foreign investments have shifted predominantly toward renewable energy. According to new analysis from Boston University’s Global Development Policy Center, nearly 70% of China’s overseas power investments from 2022-2023 went to solar and wind projects instead of fossil fuels. This shift follows Chinese leader Xi Jinping’s 2021 pledge to stop financing new coal-fired power plants abroad and increase support for renewable projects in developing countries. The transition highlights China’s growing dominance in green energy technologies and the critical mineral supply chains that support them.
2️⃣ Why is this good news: The pivot away from coal toward renewable energy marks a significant turning point in global energy finance from the world’s largest investor in overseas power projects. No new coal-fired power plants have been financed by China since 2021, demonstrating real follow-through on the country’s climate commitments. This shift has created new opportunities for developing nations to access financing for clean energy infrastructure, potentially helping close the investment gap in the global energy transition. By redirecting capital toward solar and wind projects, China is helping accelerate decarbonization efforts worldwide and leverage its manufacturing strength in renewable technologies to mutual benefit.
3️⃣ What’s next: Initiatives like the Green Investment and Finance Partnership, announced at the 2023 Belt and Road Forum, may further advance sustainable development in partner countries. Greater investment scale will be needed, as current renewable financing remains relatively small at just three gigawatts in 2022-2023. Monitoring the completion of previously announced coal plants will remain crucial, as these projects will continue emitting carbon dioxide for decades.
Read the full story here: EcoWatch – China Invests More in Solar and Wind Than Coal Overseas for the First Time: Report
